CRE Owners Prefer an Indicted Mayor Eric Adams Over the Alternatives
Mostly, the fear the possible alternatives
By Tom Acitelli December 10, 2024 6:00 am
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In late September, federal prosecutors unsealed a criminal indictment against New York Mayor Eric Adams outlining bribery, campaign finance and conspiracy offenses. It was part of a series of investigations that would also result in the seizures of top aides’ phones and searches of their homes. And it marked the first time a sitting mayor of the nation’s largest city had been charged with federal crimes.
Adams quickly denied the charges … and … well, after an initial flurry of speculation about when — not if — he would resign (or whether Gov. Kathy Hochul would kick him out), September passed without his exit.
And then October. And then November.
As Commercial Observer’s Owners Magazine went to press right before Thanksgiving, it looked like Mayor Adams would not only survive in office into the new year, but would either (a) get a pardon from an incoming President Donald Trump — no stranger to criminal charges — or (b) ride out unscathed the rest of his term, which ends on Dec. 31, 2025.
Which would suit many commercial real estate owners just fine. CO’s Owners Magazine surveys revealed at least tepid, and occasionally strong, support for a mayor the industry has long hailed as a seismic improvement over his predecessor, Bill de Blasio. The support is all the more remarkable as some of the charges against Adams stem from building inspections and the city’s own office leasing.
“I think Mayor Adams has very good intentions, but hasn’t been as effective as we need him to be on several issues,” Marx Realty CEO Craig Deitelzweig said, before adding: “That said, he is terrific compared to his predecessor.”
In fact, more than one owner defined Adams almost entirely against who might replace him. (Should Hizzoner resign before New Year’s Eve 2025, that replacement would be Public Advocate Jumaane Williams, a left-leaning progressive.)
“Adams and several members of his senior team are clearly facing a number of serious legal challenges,” said Nicholas Bienstock, co-chairman of Savanna. “But I believe New York City would miss his centrist approach if he were replaced by a mayor with more extreme politics.”
Some owners edged toward effusive in praising the mayor. Again, though, it was often couched in terms of the alternative.
“As the impact of some of Adams’s policies becomes more evident, they will ultimately work in his favor, positioning him to block Andrew Cuomo’s potential mayoral run,” said Peebles Corporation Chairman R. Donahue Peebles, referencing speculation that the former governor would jump into the 2025 mayoral race. “Adams leveraged his experience as a police officer to get elected, advocating for pro-business, moderate fiscal policies and quality-of-life improvements.”
And that goes a long way to explaining why the industry still likes the guy.
“Mayor Adams has been an improvement for New York City. I have always found him friendly, concerned and action-oriented,” said Anthony Malkin, chairman of Empire State Realty Trust.
In the end, owners were willing to fall back on that cornerstone of American criminal law: innocent until proven guilty.
“In some cases, it feels like he’s being criticized for things that fall within his role,” said GFP Realty Chairman Jeff Gural. “For instance, if the mayor is asked to arrange an inspection for a prominent world leader, in this case Turkey, to inspect a building that they just completed, I’d expect him to facilitate that — that’s part of the job. The criticism over things like travel transparency is fair. He should have disclosed those details. However, if allegations of using straw donors are true, that’s a serious concern.”
Sit tight, then. Adams’s trial (for now) starts in April.
“He has done a decent job promoting building and development in NYC during his term as mayor,” said John Catsimatidis, chairman of Red Apple, who himself ran for Adams’s job back in 2013 on the Republican ticket. “If he has acted corrupt or stupid, this has to be proved.”
Tom Acitelli can be reached at tacitelli@commercialobserver.com.
